Over 14,000 prosecutions withdrawn under cos law

The government on Sunday said more than 14,000 prosecutions have been withdrawn under the Companies Act as it undertook various steps to improve the ease of doing business in the country, including de-criminalisation of various penal provisions under this law.

Listing out the measures taken, the corporate affairs ministry said it has set up the Central Registration Centre for name reservation and incorporation of companies and LLPs within 1-2 days as opposed to an average of at least 15 days earlier.

"During the last three years more than 1,25,000 companies have been incorporated every year in the country in this manner, as compared to 50-60,000 companies in earlier years," the ministry said in a release.

Among others, the ministry has made the process transparent and non-discretionary for dematerialisation of securities of unlisted public companies.

It noted that "more than 14,000 prosecutions under the Companies Act, 2013" have been withdrawn and that second phase of ...